Accelerated Withdrawal Sample Clauses
The Accelerated Withdrawal clause allows a party to withdraw funds or assets from an account or arrangement earlier than originally scheduled or under expedited conditions. Typically, this clause outlines the specific circumstances or triggers—such as a breach of contract, financial hardship, or predefined events—that permit such early access, and may detail any associated penalties or requirements for notification. Its core practical function is to provide flexibility and financial protection by enabling parties to access their resources quickly when certain conditions are met, thereby addressing urgent needs or mitigating potential losses.
Accelerated Withdrawal. If, as a result of an initial submittal for filing of this Agreement with the Commission by ColumbiaGrid pursuant to section 17.3, the Commission fails to accept this Agreement for filing without change or condition within 120 days after filing, then any Planning Party may withdraw from this Agreement during the 90 day period following the Commission’s action or the expiration of 240 days after initial submittal for filing of this Agreement, whichever comes first. Such withdrawal shall be upon written notice to all other Planning Parties. Such accelerated withdrawal shall not be subject to the requirements of sections 18.1 through 18.3, and the Planning Party exercising a right of accelerated withdrawal shall have no further obligation under this Agreement to make payments or participate after notice pursuant to this section; provided that those other obligations which, in the ordinary course, would survive termination of this Agreement by all Planning Parties shall survive. A holding by the Commission that it does not require this Agreement to be on file shall not constitute a basis for accelerated withdrawal.
Accelerated Withdrawal. (a) Notwithstanding any other provision of this Plan, any Participant who has a Deferred Benefit Account hereunder may, at any time, elect to receive an immediate lump sum payment of all or a portion of the balance of that Participant's Deferred Benefit Account, reduced by a penalty equal to ten percent (10%) of the Participant's Deferred Benefit Account as of the Determination Date. The ten percent (10%) penalty shall be permanently forfeited and shall not be paid to, or in respect of, the Participant or any other Participant in the Plan.
(b) Any Participant who receives a payment under section 5.2(a), must cease all deferrals under this Plan effective as of the date of the lump sum payment and may not resume or elect to make any new deferrals under this Plan until the next Plan Year beginning after 12 months following receipt of the lump sum payment.